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Island thanked for help convicting fraudster

The American Justice Department has thanked the Isle of Man for its help prosecuting a billionaire fraudster.

Flamboyant businessman R. Allen Stanford was this week jailed for 110 for orchestrating an investment fraud over the last two decades.

Stanford, former chairman of Stanford International Bank, had denied the charges which alleged he’d embezzled $7 billion from the bank to finance his personal businesses.

The 62 year old was convicted of 13 counts by a federal jury after a six-week trial – Stanford was also ordered to forfeit $330 million.

The investigation involved the FBI, the US Postal Inspection Service, Internal Revenue Service and Department of Labor.

The Justice Department thanked several countries for their cooperation - including the Isle of Man along with Antigua and Barbuda, Switzerland, the Cook Islands, and the UK.

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